Mortgage Lenders Can Now Meet Fannie Mae’s 10-Day Pre-Close VOE Requirements Using Informative Research’s AccountChek
Informative Research, a technology provider delivering data-driven credit and verification solutions to the lending community, announced that AccountChek supports new enhancements to Fannie Mae’s Desktop Underwriter (DU) validation service designed to streamline the digital pre-close verification of employment (VOE), significantly enhance overall efficiency and improve the borrower experience.
As outlined in Fannie Mae’s Selling Guide, lenders are required to complete a 10-day pre-close verification of employment. Starting Sept. 20, 2024, lenders utilizing the DU validation service can now meet this requirement using an AccountChek deposit-based VOE report (DVOE). The report displays deposit transactions while omitting other bank data transactions, offering a more focused and efficient verification process. Approval applies to loan case files where employment was initially validated using an AccountChek asset verification report (VOA).
Lenders can utilize a single AccountChek order completed by the borrower to generate both a VOA report for asset, income and employment verification and a DVOE report for the 10-day pre-close verification. Although distinct, both reports are generated from a single AccountChek order, simplifying the process.
“We’ve witnessed the significant impact of utilizing AccountChek’s asset verification for upfront processes. With Fannie Mae’s latest updates allowing lenders to extend this streamlined approach to pre-close employment verification, we anticipate even greater operational efficiencies and cost savings,” said Brian Francis, Head of AccountChek at Informative Research. “This update not only enables the use of AccountChek DVOE report, but by removing the DTI limit, it also expands the scope of loan casefiles eligible for asset-based income and employment validation, as well as providing findings to the lender regardless of the DU recommendation. These changes expand lenders’ ability to use a single AccountChek order to verify income and employment on a loan.”
“This collaboration provides a new way for lenders to digitally verify employment when using Desktop Underwriter,” says Peter Skarnulis, Fannie Mae’s VP of Single-Family Digital Management Solutions,” and is part of our continued focus on delivering value through the products and services that we offer.”
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